What's new on FIN. from Bond Dickinson this week: 28 July 2017

Posted on July 28, 2017
Archive : July 2017
Category : What's new on FIN. from Bond Dickinson

 

Financial Institutions News

News and updates for our financial institutions and insurance sector clients.

 

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New for all firms

 

FCA has released the long-awaited consultations on the extension of SM&CR to all FSMA authorised firms and the PRA has released its consultation on its approach to the extension of the regime to insurers.

 

FCA foresees the demise of Libor in favour of SONIA.

 

The FCA published its July edition of Regulation Round-Up this week, covering the interim report of the FCA’s Retirement Outcomes Review; the publication of the final report on its asset management market study; the publication of the MiFID II policy statement and consultation paper VI among others.

 

ICO has fined Moneysupermarket.com Ltd £80,000 for sending 7.1 million unsolicited direct marketing emails over a period of ten days to update its customers on its Terms and Conditions.

 

Brexit news

 

The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit.

   

New in MiFID 2

 

FCA is reminding firms that need to submit MiFID II applications, to do so without further delay. FCA will determine complete applications received after 3 July 2017 within 6 months, but cannot guarantee to do so by 3 January 2018 (the date for required compliance with MiFID II).

 

New in payment services

 

EBA has published final guidelines on major incident reporting under PSD2.

 

New in financial crime

 

The Treasury confirms new AML super-supervisor – the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) will work to help supervisors and law enforcement work together more effectively to tackle money laundering.

 

New in retail banking

 

UK Finance (the new industry association including, among others, the BBA) has updated its Access to Banking Standards in relation to bank branch closures.

 

FCA has published a Consultation Paper on the information provided to customers about current account services.

 

New in insurance

 

FCA has published CP 17/23 detailing further proposals on the implementation of the IDD in the UK.

 

The EC has published for consultation a draft Delegated Regulation supplementing the IDD concerning information requirements and conduct of business rules applicable to the distribution of insurance-based investment products (IPIDs).

 

HM Treasury has published the final rules for a new tax and regulatory framework for insurance linked securities (ILS) business in the UK

 

New for investment firms

 

FCA has released the consultation paper CP17/2: CASS 7A & the Special Administration Regime Review (SAR), it proposes changes to CASS in relation to an investment firm failure and its interaction with the Special Administration Regime.

  

New for banks and lenders

 

The Law Commission has published a consultation paper on draft clauses that would form part of the new Goods Mortgages Bill, which replaces the Bills of Sale Act.

 

PRA releases consultation on the minimum requirement for own funds and eligible liabilities (MREL) – buffers – CP15/17

 

New for investment funds

 

ESMA has published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs.

 

New for the markets

 

The ECB has published a press release setting out its approach to implementing the FX Global Code.

 
 

Keep up to date with all our regulatory developments in the financial institution and insurance sectors.

 

We welcome your thoughts and comments:

Email us at FIN.BD@bonddickinson.com